The Finance Ministry has permitted the composition scheme taxpayers to file a self-assessed tax return in the one-page statement – Form GST CMP 08 of the Central Goods and Service Tax Rules, 2017. This quarterly return has to be filed after every quarter by the 18th day of the month.
Among the total of 1.21 crore GST registered businesses, 20 lakh businesses that are registered under the composition scheme are required to file the CMP 08, therefore, here We provide complete guidance on the filing procedure of CMP 08 along with the relevant filing form CMP 08 due date for the upcoming months.
Procedure of Filing CMP 08 Form
All the assessees registered under the GST (Goods and Services Act), 2017 who are covered under section 10 of CGST Act 2017 or have opted for the benefits under Notification No. 2/2019-Central Tax (Rate) dated 07th March 2019. Such assessees are considered as ‘special category of persons’ by the Central Board of Indicert Taxes and Customs (CBIC).
The CBIC has laid out a complete procedure of filing the returns, under Notification no. 21/2019 – Central Tax dated 23rd April 2019. Such assessees are covered under the composition scheme of the government.
All the persons covered under the composition scheme are required to form CMP 08 quarterly. The last date to file the returns of the quarter is the 18th of next month after the end of the quarter. The last date to file the returns CMP 08 of the April-June 2021 quarter is 18th July 2021.
A notification issued by CBIC read, “Provided that the said persons shall furnish a statement, containing the details of payment of self-assessed tax in FORM GST CMP-08 of the Central Goods and Services Tax Rules, 2017, for the quarter ending 31st March 2020, till the 7th day of July 2020.”
What is Form GST CMP-08?
Form GST CMP-08 is used to reveal the features or review of self-assessed tax which is due for a presented quarter by taxpayers who are registered as composition taxable bodies or taxpayers who have opted for composition levy. Taxpayers who each have registered as composition taxable persons within Form GST REG-01.
Who Requires the file Form GST CMP-08?
The person who has registered as a composition scheme via Form GST CMP-02 or who has opted for a composition taxable person via Form GST REG-01 requires for form GST CMP-08.
When do Form GST CMP-08 needs to be filed?
The Form GST CMP-08 has to be filed every quarter. The due date of filing the Form GST CMP-08 is the 18th month of the succeeding quarter. It can be postponed by the government received from the notification.
CMP 08 – A Move Widely Appreciated
CMP-08 is a statement cum challan which seeks information about outward supplies and inward supplies ( inward supplies under reverse charge) including the taxes paid on such outward supplies and imports along with interest payable. CMP-08 is a welcome move which was initiated in April 2019 so that it can be used from the financial year 2019-2020.
CMP 08 Due Date For FY 2022-23
|Period (Quarterly)||Due Dates|
|1st Quarter – April to June 2022||18th July 2022 | 31st July 2022 (extend)|
|2nd Quarter – July to September 2022||18th October 2022|
|3rd Quarter – October to December 2022||18th January 2023|
|4th Quarter – January to March 2023||18th April 2023|
Latest Update & Notification
- “To extend the due date of filing of FORM GST CMP-08 for the 1st quarter of FY 2022-23 from 18.07.2022 to 31.07.2022.”
- “Relaxations in filing Form CMP-08 for Composition Taxpayers: For Quarter of Jan-March, 2021, instead of 18th April 2021, Composition Taxpayers can now file their quarterly return in Form CMP-08, without interest up to 3rd May, 2021, with 9% reduced interest between 4th May to 18th May, 2021, and with 18% interest from 19th May 2021 onwards.”
- “NIL Return Filing Via SMS for GSTR 1, GSTR 3B, CMP 08, etc”. Read more
47th GST Council Meeting – 29th June 2022
Note: “Relaxations in filing Form CMP-08 for Composition Taxpayers: For Quarter of Jan-March, 2021, instead of 18th April 2021, Composition Taxpayers can now file their quarterly return in Form CMP-08, without interest up to 3rd May 2021, with 9% reduced interest between 4th May to 18th May 2021, and with 18% interest from 19th May 2021 onwards.
Penalty for Delay in Filing Returns under CMP 08
If any assessee fails to file form CMP 08 will be charged a penalty of Rs. 50 (INR 25/day CSGT and INR 25/day IGST) per day as long as he continues the delay. The assessees filing NIL returns under form CMP 08 will be charged a penalty of Rs. 20 (INR 10/day CSGT and INR 10/day IGST) per day as long as he continues the delay. The late fee can be up to Rs. 5,000 at maximum and no further for all kinds of assessees.